Rent to Own Homes in Texas

Overview

Fiercely independent and sprawling, Texas is known for its pioneer history, Tex-Mex cuisine and cowboy spirit. While television popularized Dallas’s connection to the state’s sizable oil industry, Texas’s biggest city, Houston, is famous for its aerospace and healthcare industries. Hip Austin has a highly celebrated music scene, and sophisticated Fort Worth still retains its legacy as a cattle town. Overall, Texas is the second largest and most populous state in the United States with 268,820 square miles and 27.6 million residents.

Located in the south central area of the United States, Texas is considered by some to be Southern, while other residents identify with the Southwestern culture. That mixed identity is due partly to the state’s massive size and partly to its diverse population and history. Generally, those in East Texas are more aligned with the Deep South, while the landscape, culture and cuisine of West Texas is more indicative of the American Southwest.

Fiercely independent and sprawling, Texas is known for its pioneer history, Tex-Mex cuisine and cowboy spirit. While television popularized Dallas’s connection to the state’s sizable oil industry, Texas’s biggest city, Houston, is famous for its aerospace and healthcare industries. Hip Austin has a highly celebrated music scene, and sophisticated Fort Worth still retains its legacy as a cattle town. Overall, Texas is the second largest and most populous state in the United States with 268,820 square miles and 27.6 million residents.

Located in the south central area of the United States, Texas is considered by some to be Southern, while other residents identify with the Southwestern culture. That mixed identity is due partly to the state’s massive size and partly to its diverse population and history. Generally, those in East Texas are more aligned with the Deep South, while the landscape, culture and cuisine of West Texas is more indicative of the American Southwest.

The state’s history is long and varied, beginning with the large number of Native American tribes who lived in the region. Texas has been ruled by the French, Spanish and Mexican governments and eventually became its own republic before joining the United States of America. The current Texas state flag, The Lone Star Flag, was the final banner to fly over the Republic of Texas. Similarly, today’s Texas state seal is based on its official Republic of Texas seal, including the five-point star encircled by live oak and olive branches. The reverse of the seal includes depictions of important Texas symbols such as the Battle of Gonzales cannon, Vince’s Bridge and The Alamo.

Buying a Home in Texas

Texas is a big state, and with 202,608 homes sold in a year, there are plenty of options for home buyers. That’s especially true in Beaumont, Kerrville, Texarkana and Abilene, where home sales have increased between 16 and 21 percent in the past year. House hunters might also want to consider Montgomery County, Midland, Fort Bend and Corpus Christi, since all have experienced 19 to 32 percent increases in the number of new listings. Even with these increases, though, overall home availability statewide has decreased 2 percent. The most notable contraction in home availability was seen in Garland’s 31 percent drop, Brazoria County’s 29 percent decrease, Sherman-Denison’s 25 percent decline, Waco’s 23 percent fall and Arlington’s 22 percent dip. Overall, statewide inventory shrank 6 percent.

Homes in Collin County have the highest median price in the state, with half the homes in the area selling for more than $291,300. San Marcos’ and Sherman-Denison’s 20-percent increase in median price represented the state’s biggest growth in median sales price. Wichita Falls has the lowest median price in the state at $103,000. In all, the median price of homes in Texas jumped 8 percent to $198,400, while the average sales price increased 6 percent to $253,500.

Popular Neighborhoods in Texas

Whether house hunters prefer busy cosmopolitan areas or scenic rural locales, Texas’s 1,216 towns offer a little something for every house hunter. Those looking for larger cities have a choice of 36 towns with more than 100,000 residents, including San Antonio, Austin, Houston, Dallas, Fort Worth and Corpus Christi. Those cities also happen to feature largely on lists as favorite places to live, work and visit.

The Alamo, a legendary River Walk and popular Mariachi Mass make San Antonio a unique city that features several attractive neighborhoods. Alamo Heights, filled with vintage shops and legacy homes, is nearly always mentioned as one of the beloved older neighborhoods in the city. Just 10 minutes from downtown, Alamo Heights has an average home price of $428,000. Stone Oak, Monte Vista and Boerne are other popular neighborhoods.

Young families appreciate the North Loop and University Hills neighborhoods in Austin and the Calallen and Bay Area neighborhoods in Corpus Christi. The Dallas/Fort Worth Metroplex abounds with attractive neighborhoods and popular suburbs, including Frisco, Plano and McKinney West. Houston offers 88 neighborhoods, each with its own compelling features. Millennials are drawn to the historic flavor and amenities of Houston neighborhoods like the Greater Third Ward and the Washington Corridor. Families appreciate Houston’s established neighborhoods of River Oaks, Kingwood and University Place.

Buying vs. Rent to Own Homes

While homes are relatively affordable throughout much of Texas, renting to own a home here offers a number of benefits. Since most rent-to-own contracts last from one to three years, rent to own homes give house hunters time to marshal their financial resources, including repairing credit ratings, saving a larger down payment and eliminating consumer debt. While rent-to-own home buyers often pay an option fee at the start of the contract period, it is usually credited to the down payment. Rent-to-own home buyers also won’t have to wait 30 to 90 days for escrow to close before moving into their homes, which eliminates the frustrating uncertainty of establishing move-in schedules.

Cost of Living in Texas

Living in Texas offers plenty of value for residents, with an overall cost of living nearly 10 percent lower than the national average. Several Texas cities were named in a recent Kiplinger list of the cities in the U.S. that offer low living expenses and high salaries. These cities include Corpus Christi, Denton, Round Rock and Temple.

Statewide, residents save on all categories of living costs compared to residents of other states. For example, Texans spend 19 percent less on housing costs than residents of other states, and they save 11 percent on food expenses. Utilities are 4 percent lower here than in the rest of the nation, and transportation and health are each 3 percent more affordable.

Summary

The Lone Star State is a land of opportunity for many, with big cities, small towns, bountiful industry, respected universities and wide, open spaces. Its skilled workforce, ample resources and innovative spirit have earned the state recognition as the best state for business and future job growth, making it a terrific place to locate. Residents also enjoy extremely affordable living conditions, paying nearly 20 percent less for housing than the rest of the nation. In fact, Texas is home to three of the nation’s top 10 cities for low cost of living. The South Texas town of Harlingen has the lowest cost of living of any town in the country, and Wichita Falls and Temple are No. 8 and No 9 respectively.

About Rent To Own Labs

Our goal is to help you find the ideal rent to own home. To do that, we’ve had to experiment with a lot of crazy things to make that happen (thus our name!). We’re consistently trying new things, working with new partners, and overall, trying to make your search experience as seamless as possible. At the end of the day, we know how important it is to find the perfect home, and we’re excited to help you find it, and to help you through the entire process.